CNF reference quotes for Peruvian fishmeal increased by about US$20/tonne to settle at US$870-880/tonne.

In addition to higher Peruvian fishmeal prices, the recent strength of the Chinese Renminbi against the US Dollar will further increase China's import costs of Peruvian fishmeal.

Market analysis

China's fishmeal inventories fell to around 174,000 tonnes.

Higher pork prices during the week in review supported an increase in fishmeal demand. However, lower soymeal prices in some regions and weaker demand for poultry feed and aqua feed limited the overall increase in fishmeal demand.

Market forecast

Fishmeal prices are expected to rise marginally in the coming week, but demand will unlikely to pick up substantially.

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